Dallas/Texas, Oct. 28, 2022 (GLOBE NEWSWIRE) -- The rising sales of smartphones together with the rising demand for mobile apps are two of the key factors fueling the global database as a service (DBaaS) platform market rise. Additionally, the global database as a service (DBaaS) platform market is rising as a result of the quick digitalization of services in the banking, financial services, and insurance (BFSI) sector, which makes it more important than ever to manage the growing number of data. Likewise, the prevalence of chronic diseases is rising, modern healthcare services are being widely used, and individualized preventative care and health management are receiving more attention, which is leading to an expansion of DBaaS applications in the healthcare sector.
The global database as a service (DBaaS) platform market is expected to grow at a CAGR of 12.65% over the forecast period to reach USD 339.91 billion by 2029 from its current estimated value of USD 141.35 billion.
Market Scope and Details
| Metrics | Values |
| Historic Data | 2019-2020 |
| Forecast Period | 2022-2029 |
| Market Value in base year 2022 | USD 141.35 billion |
| Market Value in 2029 | USD 339.91 billion |
| Growth rate | CAGR of 12.65% |
| Segment covered | Type, Component, Application, Deployment, Organization, Industry Vertical, Distribution Model, Regions |
| Regions covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players | CenturyLink, Amazon Web Services, Google (Alphabet Inc.), Oracle, IBM, Microsoft Corporation, Rackspace Technology Inc. |
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Application owners that want to use a Database as a Service (DBaaS) rather than managing the database themselves hire a third party to build and maintain a database for storage. A database management system (DBMS) or data store that is designed as a flexible, scalable, multi-tenant subscription service with a certain amount of self-administration is referred to as a "DBaaS." Support for this system is provided by a cloud service provider (CSP) or a third-party software vendor on CSP infrastructure.
With its integrated management features, including logging, key management, and activity tracking utilities, DBaaS makes it easier to configure, monitor, and maintain databases. Furthermore, it aids businesses in risk management, concentrating on consumer-targeted advertising, and reducing expenses associated with setting up, deploying, and operating database hardware and software. Consequently, DBaaS is becoming more and more well-liked among SMEs globally.
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The database as a service platform market is anticipated to develop rapidly as enterprise demand for these services rises. Due to the demand for structured data across various organizations, cloud databases and DBaaS sales are also increasing. Due to the pandemic, there is a higher demand for cloud databases, DBaaS, and associated functionalities. Therefore, it is projected that the global database as a service (DBaaS) platform market will grow quickly. Businesses must be able to understand and use the insights drawn from enormous data sets in order to gain a competitive advantage. The global database as a service (DBaaS) platform market is growing as a result of all of these DBaaS benefits, which are driving database as a service sales to skyrocket across numerous industries.
Table of Contents
1. Introduction
2. Research Methodology
3. Market Outlook
4. Database As A Service Dbaas Platform Industry by Application, 2022-2030 (USD Million)
5. Database As A Service Dbaas Platform Market by End Users, 2022-2030 (USD Million)
6. Industry by Region 2022-2030 (USD Million)
7. Competitive Landscape
8. Company Profiles
9. Appendix
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According to verticals, the healthcare and pharmaceuticals segment would experience the fastest growth during the anticipated time period. Data security has long been a key priority for the healthcare sector because it deals with sensitive patient information and personal health information that must be protected. The necessity to protect an organization's internal healthcare data is growing more and more crucial because most healthcare organisations place a greater emphasis on client data protection than internal data protection.
Regional Analysis
While Asia Pacific is estimated to develop at the fastest CAGR during the forecast period, North America is anticipated to hold the largest market in the database as a service (DBaaS) platform market. It is anticipated that North America would use cloud databases and DBaaS the most. The North American market will likely be dominated by the United States and Canada.
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